BRIEF-Fitch Downgrades China Vanke To 'BB-'; Outlook Negative

Reuters05-23

May 23 (Reuters) -

* FITCH DOWNGRADES CHINA VANKE TO 'BB-'; OUTLOOK NEGATIVE

* FITCH: SUSTAINED SALES DETERIORATION HAS AFFECTED CHINA VANKE'S NON-BANK FUNDING ACCESS

* FITCH - DOWNGRADE REFLECTS A REDUCTION IN CHINA VANKE'S LIQUIDITY BUFFER FOLLOWING WEAKER-THAN-EXPECTED SALES PERFORMANCE IN YEAR-TO-DATE

* FITCH- NEGATIVE OUTLOOK REFLECTS RISKS OF CHINA VANKE'S AND INDUSTRY'S SALES FAILING TO STABILISE DESPITE INTENSIFYING GOVERNMENT POLICY SUPPORT

* FITCH - REVISED DOWN OUR CASHFLOW FORECAST AND EXPECTS CHINA VANKE TO GENERATE NEUTRAL TO NEGATIVE FREE CASH FLOW IN 2024 AND 2025

* FITCH: CHINA VANKE WILL RELY ON CASH ON HAND, ASSET DISPOSALS, SECURED ONSHORE BANK FINANCING TO ADDRESS ITS SIZABLE DEBT MATURITIES IN 2024 AND 2025

Source text for Eikon: Further company coverage:

((reuters.briefs@thomsonreuters.com;))

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